Paris ─ Dassault Systèmes reports IFRS unaudited financial results for the second quarter and first half ended June 30, 2011. These results were reviewed by the Company’s Board of Directors on July 27, 2011.
Summary Highlights (unaudited)
Software revenue growth up 18% (IFRS) and 16% (non-IFRS) in constant currencies
Net operating cash flow of €148 million
Version 6 deployments and signings included Jaguar Land Rover, Cessna, Alstom Transport and Benetton Group
Introduction of first Dassault Systèmes solution on the Cloud
Upgrading 2011 Financial Objectives on Q2 Performance
Bernard Charlès, Dassault Systèmes President and Chief Executive Officer, commented, “Dassault Systèmes delivered a very solid second quarter set of results. In particular, new licenses software revenue growth was up 36%, led by ENOVIA with a 49% increase, and a strong dynamic for the Company as a whole in high growth countries. CATIA had an excellent quarter with software revenue up 13% in constant currencies with Version 6 deployments, more active aerospace and automotive markets and a strong performance in the SMB channel.
“June was an important period for product launches, including our Version 6 Release 2012 and the introduction of our first Cloud services providing affordable and flexible usage for organizations and projects of any scale. Version 6 Release 2012 with its open architecture offers many improvements to enable companies to achieve efficient and secure inter-operability with their various enterprise systems. Exalead, acquired one year ago, further enables this data interoperability through its ability to find, integrate and analyze data wherever it resides in a simple, quick and cost effective manner thanks to its powerful search capabilities.”
- IFRS and non-IFRS total revenue increased 17% and 15%, respectively, principally reflecting strong software growth and to a lesser extent growth in services and other revenue. By region, growth was highest in Asia followed by the Americas and Europe. (All growth comparisons in constant currencies.)
- IFRS and non-IFRS software revenue grew 18% and 16%, respectively, on sharply higher new licenses revenue, which increased 36%. ENOVIA was the strongest with a 49% increase in new licenses revenue. (All growth comparisons in constant currencies.)
- IFRS and non-IFRS recurring software revenue grew 12% and 9%, respectively, benefiting from strong subscription renewal trends, increase in new licenses activity and higher rental revenue. (All growth comparisons in constant currencies.)
- IFRS PLM software revenue increased 20%. Non-IFRS PLM software revenue increased 17% with CATIA software revenue higher by 13%, ENOVIA by 22% and Other PLM by 22%. Other PLM includes SIMULIA, DELMIA, Exalead and 3DVIA. PLM software revenue growth benefited from a significant increase in new license revenue activity, including larger transaction sizes and strong activity in the PLM Value Solutions channel. (All growth comparisons in constant currencies.)
- Mainstream 3D (IFRS and non-IFRS) software revenue increased 11% in constant currencies on strong new licenses revenue and growth in maintenance revenue. New SolidWorks commercial seats licensed in the second quarter increased 22% to 11,893 seats.
- Earnings growth benefited from operating leverage offset in part by strong currency headwinds. IFRS earnings per diluted share increased 30% to €0.52. Non-IFRS earnings per diluted share increased 10% to €0.64 and excluding currency effects, increased 16%. The IFRS operating margin was 21.7% and the non-IFRS operating margin was 28.0% in the 2011 second quarter.
Thibault de Tersant, Senior Executive Vice President and CFO, commented, “The second quarter exceeded our expectations on very healthy demand for our software solutions, with the upside coming both from new licenses revenue and recurring revenue. This performance translated into non-IFRS EPS growth of 10%, and would have been 16% without currency headwinds.
“We are upgrading our 2011 financial objectives for the full €20 million second quarter revenue over-performance, leading to a 2011 revenue growth outlook of 11 to 12% in constant currencies, and earnings per share growth of about 8 to 12% in spite of currency headwinds.
“With respect to second half growth comparisons, let me remind you that our 2010 third quarter revenue was well above our historic seasonal revenue trend. For the 2011 third quarter and second half, our objectives incorporate a sequential revenue outlook range in line with historic patterns. Secondly, with respect to recurring revenue, we had an important level of maintenance recoveries in the 2010 second half, as we outlined last year, which were one-time in nature.
“Overall, we are well positioned going into the second half of the year, and despite the uncertainty of the global economic environment, we have increased confidence in our 2011 financial objectives thanks to our second quarter results.”
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